Worlds most expensive home

[Jonril]

1.2 billion pounds!

Nice to see that even in india home owners getting ahead (well a select few anyway)

Could be a bit prophetic naming the place after Atlantis

 

[alexlee]

http://www.forbes.com/2008/04/30/home-india-billion-forbeslife-cx_mw_0430realestate.html

Here are some pictures.

 

[steveadl]

Yikes! Looks terrible from the outside. But I guess with only half a hectare, the only place to build was up. Inside looks good though.

 

[boods99]

Could only imagine how crap the yield would be, should he wish to upgrade later and turn this one into an IP...

Boods

 

[lizzie]

some people have more money than sense ... owner next to us has spent $5.5mil on his house and land build.

nowhere in newcastle is worth $5.5mil! the site supervisor and i often have a chat and disbelieving laugh at the obscene expenditure. sheesh, the pool (with it's perspex windows) cost around half a mil alone.

anyhow - ups the value of our house so makes us happy.

 

[Dazz]

....or he could of done the charitable thing like all Ozzies would obviously do, sell his home and distribute the proceeds among the poorer sections of his community.

1.5 pounds each might get 'em all a feed for a while.

 

[Jonril]

....or he could of done the charitable thing like all Ozzies would obviously do, sell his home and distribute the proceeds among the poorer sections of his community.

1.5 pounds each might get 'em all a feed for a while.

or maybe he is taking a leaf from ozzie home investors handbook and trying to invest a higher percentage of his wealth in residential property

 

[Aaron Sice]

at least he has created a lot of intrinsic latent room supply to the free rental market.

 

[buzzlightyear]

Ok, why hasn't anyone mentioned Indian property bubble yet?

 

[lizzie]

....or he could of done the charitable thing like all Ozzies would obviously do, sell his home and distribute the proceeds among the poorer sections of his community.

1.5 pounds each might get 'em all a feed for a while.

oh no - keep that house next to ours please

bugger the poor - they have housing commission units right on the best beach in newcastle and all they do is whinge, booze on the balconies and smoke pot. what i wouldn't give for just one of those blocks of units to renovate!

 

[oracle]

Ok, why hasn't anyone mentioned Indian property bubble yet?

Many reasons why Indian property is not in a bubble yet inspite of prices increasing 4-5 folds.

1) Indians are pretty good at saving. Unlike Australia there is no government safety net. You are on your own. Everyone that I know (family, friends, relatives atleast 20 altogether) have bought their properties outright. Unlike Australia the effects of easy credit hasn't filtered through to the masses yet. The mentality is still very much debt is bad irrespective of whether it is to buy an asset or liability.

2) It's only during the last 5 years that I hear (news/media) people applying for a home loan to buy a house in one of the big cities. Banks require minimum 30% savings deposit and a guarantor who is already a customer of the bank.

3) Home loan interest rates close to double digits. I guess, due to high inflation.

Now, compare that to Australia. Where it is not that difficult to get 95% loan if you have the cashflow. So IMHO, there is a lot of room for Indian property prices to rise as credit conditions would eventually ease just like here before it would get to the bubble category. It is in the same state as Australia was in the 70s I guess.

Cheers,
Oracle.

 

[WinstonWolfe]

I honestly wonder if the elites that build this kind of stuff are that out of touch with the proletariat, especially in their neck of the woods.

If I was a terrorist trying create terror and pull media attention, this house would be at the top of my short list.

 

[Macca]

Hi,

What an ugly looking pile, I assume the inside if "much" nicer but I find that ugly !

 

[tdh78au]

I like the following part best:

"While the home cost about $77 million to build, Mumbai's growing property prices means Antilia is now estimated to be worth 15 times more - about $1 billion"

Source: http://www.smh.com.au/executive-sty...-first-billiondollar-home-20101015-16mrg.html

 

[Humphrey]

I honestly wonder if the elites that build this kind of stuff are that out of touch with the proletariat, especially in their neck of the woods.

If I was a terrorist trying create terror and pull media attention, this house would be at the top of my short list.

It's just conspicuous consumption which is classic wealthy behaviour.

I like the following part best:

"While the home cost about $77 million to build, Mumbai's growing property prices means Antilia is now estimated to be worth 15 times more - about $1 billion"

Source: http://www.smh.com.au/executive-sty...-first-billiondollar-home-20101015-16mrg.html

If those figures are correct that that's an amazing ROI.

 

[BayView]

It's just conspicuous consumption which is classic wealthy behaviour.

Not all rich folk are this way.

I know a couple of severely rich boys, and they are as normal as you or I.

They don't even live in a "postcode" suburb.

Mind you; if I could afford a $400mill yacht, I reckon it's be hard to find one that looked like yer average tinny.

Sometimes yez just gotta flaunt it whether you want to or not.